Electroneum KYC AML Requirements and Updates

Electroneum Going Mainstream? Electroneum KYC AML Requirements

This British company has disruptive technology, combining blockchain, cryptocurrency and mobile payments to create the first mass adoption cryptocurrency. They are turning up the heat by being proactive and implementing Electroneum KYC AML Requirements for all users of their platform.

Regulatory Compliance – Electroneum KYC AML

Electroneum has made considerable progress in 2018. For example, their proactive emphasis on regulatory compliance puts them far ahead of many cryptocurrency and blockchain companies. In the ever changing cryptocurrency regulatory landscape, companies must pay heed to protect their intellectual property and to maximize their potential for sustainability and longevity. This puts a notch in Electroneum’s belt. They are raising the bar in the industry. With this comes the requirement that all users who hold ETN in their Electroneum web-based or mobile app wallet must become Electroneum KYC AML (Know Your Customer and Anti-Money Laundering) regulatory compliant.

NOTE: If your ETNs are held on an exchange or anywhere outside of the Electroneum wallet, this doesn’t apply to you.

If Electroneum wants to play with the big boys and girls, then they must play in the compliance sandbox. We talk about mass adoption ad nauseum. But it won’t happen quickly unless we comply. Now, Electroneum can catapult its business to new heights by entering new markets while forming global partnerships without the threat of being slapped by the regulatory overseers.

The KYC deadline is 12Nov2018. Everyone needs to complete Tier 1, but you only need to complete Tier 2 (and show formal proof of ID) if you hold or transfer more than 150 Euros in ETN from your Electroneum web or mobile Wallet every 3 months. It is not mandatory to complete Tier 2 unless you have to.

Why Electroneum?

Cryptocurrency is still in its infancy in terms of use cases and mass adoption. Many say that they are mass adoption cryptocurrency but the use cases are still far and few between. Electroneum is changing all of that.

According to coinmarketcap.com and coincap.io, Electroneum now places 46th in market capitalization out of over 2000 coins/tokens on the cryptocurrency market. They beat out Golem (GNT), Augur (REP), Stratis (Strat), Komodo (KMD), WaltonChain (WTC), Metaverse (ETP) and many others. So what’s going on?

While Bitcoin and other cryptocurrencies use 8 digits after the decimal point, Electroneum uses only 2 decimal points. This may not sound like a major deal, but it is. People around the globe are not used to paying for products and services with $9.99832450 or .00005879BTC, for example. It is important to meet the people where they are … with what’s familiar to them.

Another issue we encounter with Bitcoin and other cryptocurrencies is that it takes 15 minutes, 30 minutes or even 1 hour for a transaction to be confirmed on the blockchain. That is unacceptable when you’re talking about cryptocurrency going mainstream. With the Electroneum Instant Pay System (IPS), all of this changes. The customers and vendors will see fast instant payments on par with Paypal or Visa and MasterCard.

Electroneum Community Forum

Be sure to join the Electroneum community forum. Log in using your Electroneum website login credentials. If you don’t have an Electroneum account, be sure to download the Electroneum mobile app and use code: 3A8B32to start earning FREE ETNs. You can ask questions in the community forum after you have installed the mobile app. Be sure to complete your community profile and take the new user tutorial to get your sweet badges.

There you can find answers to your most pressing questions including regulatory compliance and KYC requirements.

In the Electroneum backoffice, you will see the “Vendor Settings” link on the left hand menu. Then click on “Find Out More” for details on how to integrate Electroneum IPS into your website. Then you, too can take ETNs as a form of payment for products and services or even donations.